Been charged interest for paying CC off in full

mrscruffy

Hi all,
Just received my latest Tesco CC statement and have been charged interest.

I thought this was a bit strange as I always pay off the bill in full by the die date (online transfer not by DD).

Tesco claim that the interest is due to the fact that my balance payment was split across two transactions and interest is applied from the date of the first transaction (as it was not sufficient to clear the balance in full).

Is this really fair?

To recap - I paid the full amount by the due date and was charged interest simply because I chose to make two payments rather than one.

Grrrrrr.....

Robert_Sterling_3

Did Tesco receive "cleared funds" by the due date.?

mrscruffy

Yes, by more than a week.

Robert_Sterling_3

In that case I think you have been "robbed".
Wot a Chiz.

Kavanne

Was the 2nd payment made after the payment due date?

mrscruffy

Kavanne wrote: »

Was the 2nd payment made after the payment due date?

No, no, no - Thats the point.

e.g.
Bill of £500 due by 01/03/2009
I paid £250 on 15/02/2009 and £250 on 20/02/2009
I get charged interest on £250 from 15/02/2009

I think its time for a new credit card.

Kavanne

Yeah but first make sure you get your money back, that is ridiculous!

PurpleK8

after reading your post i realised that i needed to pay my tesco cc, got it from the drawer and noticed that i'd been charged interest too :mad: :mad: :mad: (I always pay mine full each month, in fact round it up to overpay).

i do recall reading on their most recent changes to t&c that no interest would only apply on statements when the previous statements balance was shown as £0. I stupidly thought that i'd read it wrong - obviously not :mad: . I'm really pi55ed off now because i've already spent on this month too - nearly maxed it out buying a range-cooker so going to cost me a fortune next month, won't be doing it again though (once bitten...!).

surely this is unlawful?

chuckley

thats mad wrong!!!! what does it matter it was in more than one payment. PLUS thats WRONG to charge u from the 15th when it wasnt due till the 1st.

complain ur assssss offff!

Paul_Herring

mrscruffy wrote: »

Tesco claim that the interest is due to the fact that my balance payment was split across two transactions and interest is applied from the date of the first transaction (as it was not sufficient to clear the balance in full).

Is this really fair?

I'd contact them and ask where in the T&C's this particular piece of creative accounting is stated. (And look yourself for the bit about payment by due date not incurring interest.)

Stardust77

Were any of the transactions you made on either your previous statement, or since, cash, gambling or balance transfers?

Did you pay the previous balance off fully by the due date?